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- Renergen (RLT) has improved its half-year revenue performance by 33.3 per cent, bringing in R$1.2 million (A$108,000) in sales during the six-month period
- The helium and natural gas producer also decreased its net loss by 6.3 per cent, ending August with a R$25.2 million loss (A$2.27 million)
- The South African business credited the revenue jump to an easing of COVID-19 restrictions, while the lower loss is due to smaller foreign exchange losses
- RLT spent the half-year focused on progressing the commissioning of the Virginia Gas Plant and advancing testing of the CryoVacc vaccine storage unit
- Company shares are up 0.81 per cent to trade at $2.50
Renergen (RLT) has improved its half-year revenue performance, bringing in R$1.2 million (A$108,000) in sales during the six-month period.
The helium and natural gas producer released a half-yearly update on Monday, showing a 33.3 per cent jump in revenue compared to this time last year.
RLT also decreased its net loss by 6.3 per cent year on year, ending August with a R$25.2 million loss (A$2.27 million).
The reduction in loss is being credited to a drop in foreign exchange losses as well as an increase in the deferred tax credit.
RLT also cited the easing of COVID-19 related restrictions in South Africa for its strong revenue performance, stating there was an improvement in sales volumes of compressed natural gas.
Renergen spent much of the half-year period focused on progressing its Virginia Gas Plant, which is expected to be commissioned in December.
It also advanced the field testing of the CryoVacc vaccine storage unit and began manufacturing the storage unit.
In a statement to shareholders, Renergen said it had been a busy six months and there was more growth to come.
“The past six months were especially crucial in our development into a leading clean energy producer as we now near the commissioning of the Virginia Gas Plant,” RLT said.
“We are fortunate that the COVID-19 third wave in South Africa which occurred during much of the half year did not significantly impact our strategic intent.
“We are delighted with what we achieved during the past six months.”
Company shares were up 0.81 per cent to trade at $2.50 per share at 2:32 pm AEDT.
